After NRA Reports Massive Drop in Contributions, Gun Stocks Take a Hit

finance
4 months ago
Fortune — Emily Gillespie

After the NRA reported a massive drop in income in 2017, stock prices for gun manufacturers and fell slightly. In the photo, the Ruger SP101 Double Action revolver are on display 19 May, 2006, during the 135th National Rifle Association (NRA) Annual Convention in Milwaukee, Wisconsin. AFP PHOTO/JEFF HAYNES

(Photo credit should read JEFF HAYNES/AFP/Getty Images)

Share prices for some gun manufacturers dropped after the National Rifle Association released that it had lost more than half a billion dollars in income last year.

The gun-rights organization reported $98 million in contributions in 2017, down $55 million from the year prior, according to a report on the organization’s tax records by the Daily Beast.

In the wake of the news, stock prices for gun companies fell.

Sturm, Ruger & Company, the largest gun manufacturer in the US, fell 1.3% Tuesday. American Outdoor Brand Corporation, which owns the Smith & Wesson brand, saw a decline of 2.9%, and Vista Outdoor, which makes ammunition and rifle-scopes was down 3.9%. Olin, an ammunition manufacturer, however, saw a 0.6% increase.

And as gun manufacturers are seeing a decrease in sales, the NRA is hurting from a loss in dues. The $55 million drop in contributions during 2017 includes a $35 million downturn in dues collected, a sign that hints at dwindling support, the Daily Beast reports.

In August, the NRA reported “deep financial trouble” after New York Gov. Andrew Cuomo encouraged banks and insurance providers to cease doing business with gun-advocacy groups.

Last year, one single anonymous donor gave the NRA $19 million, or one-fifth of the organization’s annual contributions, the Daily Beast reports.